Jan. 21 (Bloomberg) -- Shares and bonds of Axtel SAB,
Mexico’s second-largest landline telephone carrier, rallied
after the company said a majority of creditors accepted its
debt-restructuring offer last week.

The company’s bondholders accepted a combination of senior
secured debt, peso-denominated convertible bonds and cash to
replace securities due in 2017 and 2019, Axtel said in a
statement after markets closed on Jan. 18. The company is in the
process of selling tower assets to American Tower Corp. for $250
million in a transaction contingent upon the success of the debt
exchange.

“This is very positive for Axtel, without a doubt,”
Andres Medina-Mora, a Sao Paulo-based analyst with Corporativo
GBM SAB, said in a telephone interview today. “This also makes
the sale of the towers possible, and that’s significant.”

Axtel, based in San Pedro Garza Garcia, unveiled a new swap
on Jan. 14 that improved the terms of its $765 million debt
restructuring after 40 percent of creditors rejected the initial
offer.